2nd part of the interview with Dr. Reinhold Festge
On 17 March 2015, the "Africa meets Business" Day in Berlin, we talked to Dr. Reinhold Festge, the personally liable shareholder of Haver & Boecker and President of the German Engineering Association VDMA.
The VDMA supports German business in Africa. What can you do to lead Hermes to support the commitment of German medium-sized enterprises in Africa?
Dr. Festge: We at VDMA know that medium-sized enterprises want to get involved in Africa. Many companies are already established in Africa, and many companies are interested in going to Africa. The problem is: The industry wants to enter the market, but politicians say that many African countries have a poor rating. Therefore we will not provide financing, as we fear that the money will then be lost. Meanwhile we have employed great efforts of persuasion vis-à-vis politicians. We told them that we must give enhanced attention to Africa as a Continent. Thereupon the decision was made in Berlin, six weeks ago, that Hermes shall again cover transactions with Africa. But according to the information furnished to us, such cover only refers to projects organized by the government. Hermes says, you can be given coverage, if the order is placed by the government of the country concerned.